Building Details

Year Built 1900

Listing Agency: Vitalius Real Estate Group,LLC

Listed By: Briton Vitalius Show Phone

Source: Greatislandrealty

Added: Aug 13 Changed: Oct 10 Last Checked: Oct 11 at 9:52AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Vitalius Real Estate Group,LLC

Investment Insights

Based on property information with market context.

This mixed-use property at 8-10 South Street combines office space, a workshop, and three residential units on 0.77 acres. The office component includes a custom conference room, multiple offices, and an additional second-floor office or client area. Nearly 6,000 SF of workshop and industrial space provides room for construction-related work, light manufacturing, or storage. The property was most recently occupied by a design/build contractor using the offices and workshop for business operations, including cabinet production.

Built in 1900, the property sits in Freeport Village while facing a quieter residential setting. The parcel provides space for parking, continued mixed-use occupancy, or future expansion and residential development as described in the property information.

Key Highlights

• Mixed‑use configuration with office, workshop, and 3 residential units
• 0.77‑acre parcel in Freeport Village
• Nearly 6,000 SF of shop and industrial space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$127,111

Cap Rate

7.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,542,220 $2.5M

Cap Rate 7%

$1,815,871 $1.8M

Cap Rate 9%

$1,412,344 $1.4M

Market Conditions

NOI Build-Up for 7,193 SF

Gross rent

$194.2K $27.00/SF

− Vacancy

−$12.6K −$1.76/SF

EGI

$181.6K $25.25/SF

− OpEx

−$54.5K −$7.57/SF

NOI

$127.1K $17.67/SF

Area

Cumberland County, ME

Vacancy

6.50%

Lease Rate

$27.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,542,220

Cap Rate 7%

$1,815,871

Cap Rate 9%

$1,412,344

Alternative Uses

Best Use

Multifamily LT 5

$1.82M

$1.59M – $2.12M (±1% cap)

NOI $127,111 @ 7.0% cap · market cap 7.60%

Second Best

Apartment 5plus

$1.69M

$1.48M – $1.97M (±1% cap)

NOI $118,257 @ 7.0% cap · market cap 7.07%

Theoretical Best

Office A

$1.98M

$1.73M – $2.31M (±1% cap)

NOI $138,390 @ 7.0% cap · market cap 8.27%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Auto Repair Shop (Bike/Boat/Book/etc) Store Dental Office Storage Facility Pharmacy Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

491

Businesses Nearby

Explore this area Business Placement

Demographics for 04032, ME

8,737

Population

4,133

Households

2.1

Avg Household Size

47

Median Age

57%

College-Educated

94%

High-School Grad

34.7 sq mi

ZIP Area

252

Density / Sq Mi

$108,864

Median Household Income

$48,222

Median Earnings

$1,436

Median Rent

$445,800

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Combined office, industrial, and three-unit residential improvements on a sizable village parcel.

Where is this mixed-use property located?

The property is located at 8-10 South Street Freeport, ME.

What is the asking price?

The asking price for this property is $1,673,000.

What are key features of this property?

This property features: Mixed‑use configuration with office, workshop, and 3 residential units; 0.77‑acre parcel in Freeport Village; Nearly 6,000 SF of shop and industrial space